The cryptocurrency market recently saw a host of weekend gains as Bitcoin (BTC) rose above $17,000. Alongside the BTC increase, Ethereum (ETH) also saw a rise through Monday-morning trading in Asia. Moreover, many of the top-10, non-stablecoin currencies saw a rise in their market capitalization.
According to Watcher Guru, the weekend’s positives for the industry were kicked off by the latest U.S. Jobs data. The positive economic development was released Friday, and Yahoo Finance noted it as the first spark of a Wall Street rally.
Many investors and companies operating in the cryptocurrency industry are hoping to quickly forget the year 2022. The year was headlined by falling prices and a profusion of bankruptcies, but 2023 also brought with it hope and confidence for the new chapter.
Thus far, that hope has been answered with some positive developments within the market. The weekend saw the most popular cryptocurrency, Bitcoin, return again to a price above $17,000. Subsequently, it rose alongside Ethereum and the other top-10 cryptocurrencies in market cap, according to Yahoo. Furthermore, the weekend events saw a prominent shift for Cardano and BNB within the market cap metrics.
The data specifically reveals that during the 24 hours leading up to 8:00 a.m. in Hong Kong, Bitcoin increased by 1% to exactly $17,117. Since late December, the price of the cryptocurrency has not risen above $17,000. Overall, the week showed that Bitcoin rose by 2.9%, and Ethereum rose by 1.9% to $1,287. Consequently, according to CoinMarketCap, this is a week-over-week increase of 7.3%.
Interestingly as well, Cardano saw an increase of 7.3% at $0.29, which signifies an 18.8% jump in the past seven days. Additionally, CoinGate notes that the development comes as ADA, the Cardano Blockchain’s native token, reached the top 10 most used cryptocurrencies for payments.
Furthermore, BNB rose 5.3% to $274.77, as well as Polygon’s MATIC rose 4.1% to $.084, respectively. Yahoo reported that the total cryptocurrency market cap was $830 billion. Also seeing a total trading volume of $20 billion. There is hope that Bitcoin’s $17,000 return and the other cryptocurrency weekend gains are a sign of a strong few months ahead.